Delaware State Treasurer, Colleen Davis, is advocating for the reinstatement of the State Employee Retirement Match program, which would see the state contribute up to $20 per pay period to state employees enrolled in the voluntary deferred compensation program, DEFER. The match program was in place until 2008, with intentions to be reinstated once funding was available, according to Davis.
Davis is supporting Senate Bill 20, sponsored by State Sen. Trey Paradee and State Rep. Bill Bush, to bring back the program. Despite concerns raised during budget hearings about a potential deficit in the coming years, Davis believes that the state is now in a position financially to reintroduce the retirement match program, which would cost $5.5 to 6 million per year.
Advocates argue that reinstating the program will help the state recruit and retain employees by providing a valuable benefit while making other necessary budget cuts. Davis emphasized that the state’s financial stability and performance improvements have enabled this move to be possible.
While facing potential federal funding cuts and the need for budgetary adjustments, Davis believes that prioritizing the retirement match program is a way to invest in state employees’ futures and reduce potential tax burdens. The program has the potential to provide long-term benefits to both state employees and the state as a whole, creating a win-win situation for all parties involved.
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